But Kham, you're breaking the rules of his system by "bailing out." TK's system says to have discipline and let it ride 'til the end of the week.
To bail out flies in the face of his "fire and forget" strategy, as you may miss out on some serious profits.
But I think there's gotta be a mechanical way to exit when you're up a large amount, if nothing more than to lock in profits on swing weeks where the market ranges up then down within the same timeframe.
IMO, I think you will probably end up ahead in the end if you put a limit on your entry orders of a really high target, say 200 pips then wait to see what the rest of the week does. Not too many times will an entire week eclipse 350-400 pips.
How about this addendum to the strategy: Same rules as before, with the following two additions:
- put limits in place to close positions that eclipse 200 pips in profit.
- redefine your buy and sell points. New buy point would be the current location; new sell would be 50 below. Resume trading as per usual.
Doing so will lock in profits on weeks when there's great growth and provide a mechanical, unemotional means of exiting in the black.
Thoughts tk? Are we starting to rob this method of its simplicity at this point?
To bail out flies in the face of his "fire and forget" strategy, as you may miss out on some serious profits.
But I think there's gotta be a mechanical way to exit when you're up a large amount, if nothing more than to lock in profits on swing weeks where the market ranges up then down within the same timeframe.
IMO, I think you will probably end up ahead in the end if you put a limit on your entry orders of a really high target, say 200 pips then wait to see what the rest of the week does. Not too many times will an entire week eclipse 350-400 pips.
How about this addendum to the strategy: Same rules as before, with the following two additions:
- put limits in place to close positions that eclipse 200 pips in profit.
- redefine your buy and sell points. New buy point would be the current location; new sell would be 50 below. Resume trading as per usual.
Doing so will lock in profits on weeks when there's great growth and provide a mechanical, unemotional means of exiting in the black.
Thoughts tk? Are we starting to rob this method of its simplicity at this point?